Medical debt can come on suddenly and ruin the best laid plans
Tennessee residents can make all the right choices and still face an enormous burden of debt. That is especially true when it comes to medical debt. There are cases where an individual works for decades, sets aside savings and makes wise choices in purchasing a home and accumulating debt. A sudden injury or illness can throw all of that hard work away.
A recent article looked at the experience of a retired locksmith who suddenly began vomiting blood one day. He sought medical treatment and found out that he needed a liver transplant. His medical bills mounted, eventually reaching $110,000. He eventually received the right diagnosis, sought treatment, recovered and went on to resume many of his normal daily activities.
Had he tried to cover those expenses on his own, his retirement would have been defined by crushing debt. Instead, he filed for Chapter 13 bankruptcy. That allowed him to restructure his debt. He still needs to take care to balance his personal budget, but he no longer lives with crushing debt and overwhelming stress. In many cases, consumers can also have certain debts discharged through Chapter 13.
To learn more about how bankruptcy can assist with medical debt, reach out to an experienced Tennessee bankruptcy attorney. He or she can review the full range of your financial scenario and suggest the best course of action. That can be a relief to people who have made all the right choices for a peaceful and comfortable retirement, yet are burdened by sudden medical debt.
Source: daytondailynews.com, “Wright State’s poverty project: Poverty can be brought on by unforeseen problems“, Max Milligan, Nov. 2, 2017